AT&T shares sank 6% before the opening bell, despite quarterly earnings that came in better than expected, while Verizon and T-Mobile are also in the red. The culprit: Elon Musk.
When SpaceX reported earnings yesterday, it reaffirmed plans to expand its Starlink satellite service beyond broadband and into the wireless market, putting it in more direct competition with established telecom companies.
Starlink Mobile, as the business is called, could ultimately generate "several hundred billion dollars in revenue a year," Musk told analysts on the earnings call, hinting at other plans that SpaceX has yet to make public.
The company aims to launch service in early 2028, SpaceX President Gwynne Shotwell said in yesterday's earnings call.
At the request of the copyright holder, you need to log in to view this content
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.